BTC/USD Price Slides to $37,000 Support
Bitcoin Price Prediction – March 7
The Bitcoin price prediction is likely to spread the bearish move to areas below $37,000 after numerous attempts to hold gains above $38,000.
BTC/USD Long-term Trend: Ranging (Daily Chart)
Key levels:
Resistance Levels: $42,500, $44,500, $46,500
Support Levels: $33,000, $31,000, $29,000
BTC/USD falls below $38,000 as the largest cryptocurrency faces a support smashing exercise after failing to hold above $39,500. However, the bearish movement has been seen across the crypto market in the last few hours, with other major digital assets seeing similar losses trading below the 9-day and 21-day moving averages.
Bitcoin Price Prediction: Can BTC Price Go Lower?
The Bitcoin price is trading at $37,585 with an intraday loss of 2.14% as the prevailing trend is likely to follow the bearish movement. However, Bitcoin (BTC) is currently facing the downside within the channel, and a bearish movement towards the lower boundary of the channel is expected to continue. In the meantime, BTC/USD is expected to fall and stay below the 9-day and 21-day moving averages which could hit the critical support levels at $33,000, $31,000, and $29,000.
However, if the Bitcoin price crosses above the moving averages; the price could rise to $40,000 vital resistance while a further bullish drive could take the coin to the resistance levels of $42,500, $44,500, and $46,500 respectively. Moreover, the technical indicator Relative Strength Index (14) is moving to cross below 40-level, which shows a possible bearish momentum within the channel.
BTC/USD Medium – Term Trend: Ranging (4H Chart)
As the market opens today, the Bitcoin price touches the daily low of $37,191, but now hovering around $38,008. Should the price drop below the lower boundary of the channel, it could hit the next level of support at $35,000 and below.
However, if the bulls push the coin above the 9-day and 21-day moving averages, the Bitcoin price could hit the potential resistance level of $41,000 and above. For now, the market may experience a downtrend if the technical indicator Relative Strength Index (14) remains below 40-level.
Looking to buy or trade Bitcoin (BTC) now? Invest at eToro!
68% of retail investor accounts lose money when trading CFDs with this provider
Read more:
